Lew urges Greece’s Varoufakis to strike bailout deal

WASHINGTON (MarketWatch) – U.S. Treasury Secretary Jacob Lew spoke by phone on Wednesday with Greek Finance Minister Yanis Varoufakis and urged him to work to find an agreement to extend Greece’s bailout past the end of the month. According to a spokesman, Lew said that “time is of the essence.” Lew pointed out that failure to reach an agreement would lead to immediate hardship in Greece and that uncertainty is not good for Europe. Lew “urged Greece to find a constructive path forward in partnership with Europe and the International Monetary Fund to build on the foundation that exists to advance growth and reform.” Lew told Varoufakis that he would also be encouraging Greece’s international creditors to reach a deal.